USDJPY on Friday rose 0.18% to 150.17. Week ending 2024-02-16 rose 0.61%. What’s going on.

USDJPY Analysis

Performance
PeriodPctChgMomentum
Friday0.18%26.7 Pips
Week 2024-02-160.61%91.7 Pips
February2.24%328.4 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Presidents’ Day
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 03:00 PM The Emperor’s Birthday

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in February flash estimate unchanged at 2.9% compared to previous report in January. Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in February flash estimate rose to 79.6 points compared to previous figure 79 points in January Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1%
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January
🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau
🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
🇯🇵 Japan GDP (3-mth) in Q4 flash estimate improved to -0.1% compared to previous figure -0.7% in Q3 Source: Cabinet Office
🇯🇵 Japan GDP Deflator (12-mth) in Q4 preliminary estimate dropped to 3.8% compared to previous figure 5.2% (revised from 5.3%)
🇯🇵 Japan GDP (12-mth) in Q4 preliminary estimate rose to -0.4% compared to previous figure -3.3% (revised from -2.9%)
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service

From X (Twitter)


What can we expect from USDJPY for the new week and what happened on Friday?

USDJPY on Friday rose 0.18% to 150.17. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-02-16, the pair rose 0.61% or 91.7 pips higher.

Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 148.92.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 151.06 (WR1) with break above could target 151.96 (WR2). On the downside, we are looking at week low of 148.92 as an important support. Break below this level could weaken the current bullish momentum. A break above 150.88 would suggest bullish bias after recent positive movement.

For the month of February, USDJPY is up by 2.24% or 328.4 pips higher.

Weekly key levels to watch out:

R3153.03
R2151.96
R1151.06
Weekly Pivot149.99
S1149.10
S2148.03
S3147.14

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